Healthcare Chatbots Market is projected to be worth around USD 1,100.5 Million by 2027
The global healthcare chatbots market is expected to grow at a CAGR of 25% from 2020 to reach USD 1,100.5 million by 2027 from 230.6 million in 2020. Factors such as growing internet connectivity and rising adoption of smart devices, limited availability of healthcare resources to address growing patient population, technological advancement in artificial intelligence, chatbots to reduce the healthcare cost, and increasing demand of virtual health assistance are driving the growth of the global healthcare chatbots market. However, data privacy concern, lack of expertise for chatbot development, and lack of awareness and misconception are hindering the growth of this market.
The global healthcare chatbots market study provides market data for-by components (software and services), by deployment (on-premise and cloud-based), by application (symptom checking, medication assistance & guidance (consultation), coverage & claims management, appointment scheduling), by end user (patients, healthcare providers, healthcare payers). The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on component, the healthcare chatbots market is segmented into software and services. The software segment is expected to account for a larger share in 2020 as compared to the services segment. Enhanced technological features in chatbot software, such as Natural Language Processing (NLP), multilingual capabilities, interference engine, cloud-based deployment, Application Programming Interface (API), mobile platform compatibility, and single point of search is propelling the growth of the software segment
On the basis of deployment, patients are the largest end users of healthcare chatbots in 2020. Patients use applications such as symptom checkers and medical triage applications to understand their conditions better. They can access healthcare chatbots on medical websites, mobiles, and on social media pages, and then interact with virtual healthcare assistants to receive the appropriate healthcare information based on symptoms. Healthcare chatbots interact with potential patients visiting a site, provide a possible diagnosis, help find specialists, schedule appointments, and improve access to the right treatments. The adoption of medicine assistant chatbots such as Florence and Melody is also increasing as these bots notify patients to take their medication on time and also report data in case of a missed dosage.
On the basis of application, the symptom checking segment accounted for the largest share of the global healthcare chatbots market in 2020, by application. Increasing adoption of smartphones and internet penetration are the major factors propelling demand for such solutions from patients and healthcare providers. Ada (Germany), Babylon Health (UK), Buoy Health (US) and Your.MD (UK) are the most prominent primary-care based symptom checker chatbots used by patients.
This research report analyzes major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, UK, France, Ital, Spain, and RoE), Asia-Pacific (China, Japan, and RoAPAC), Latin America, and Middle East & Africa. Europe is expected to lead the healthcare chatbots market, followed by North America. However, North America is expected to register the highest CAGR during the forecast period. The high growth in North America can be attributed to the growing number of therapy chatbots, rising adoption of smart devices, and growth in venture capital investments to develop advanced chatbots.
The major players operating in the global healthcare chatbots market are
- Your.MD (UK)
- HealthTap Inc. (US)
- Sensely Inc. (US)
- Buoy Health Inc. (US)
- Infermedica (Poland)
- Babylon Healthcare Service Limited (UK)
- Baidu Inc. (China)
- Ada Digital Health Ltd. (Germany)
- PACT Care BV (Netherlands)
- Woebot